This is the morning Elliott Wave Forecast For 12.11.15 on the S&P 500 30 day 1 min chart…we’re past C wave length and more likely going to form the full 3…
Best case scenario: Touching 2019-2021 or the low of the A wave would be enough to bottom and we reverse to positiev by the close..A = C however was 2033, next support is 2019 and lowest 1.618 move 1994. So far 2019 has held here but the gap down was pretty ferocious so I wouldn’t bet 100% for a bottom here..
Worst case scenario: 2 up before 3 down target would be 1994..that’s 62 X 1.618 = 100 minus 2094 to 1994 in a 1.618 X W1 downward 3…I would prefer to see 1994 first instead of fishing above 2021.
Where I’m leaning: [ms-protect-content id=”61,117″] I’m thinking 1.618 to 1994 is where we’d end up, but shorting or going long here is hazardous due to the incredibly wild spikes that have been occuring over the past few days. [/ms-protect-content]